Bank of America reports increased earnings

Bank of America Corp. said fourth-quarter profit more than quadrupled as the company sought to quell claims tied to defective mortgages.

By Business staff

Bank of America Corp. said fourth-quarter profit more than quadrupled as the company sought to quell claims tied to defective mortgages.

Net income of $3.44 billion, or 29 cents a diluted share, rose from $732 million, or 3 cents a year earlier, according to a statement today from the Charlotte, North Carolina-based firm.

The average estimate of 27 analysts surveyed by Bloomberg was 27 cents, adjusted for one-time items. For the full year, profit more than doubled to $11.4 billion.

Chief Executive Officer Brian T. Moynihan has spent his four years atop Bank of America resolving disputes tied to shoddy home loans and foreclosures, mostly from his predecessor's 2008 takeover of Countrywide Financial Corp.

He signaled in November that attention is shifting from the mortgage cleanup to improving performance at operating units, calling his firm a "huge battleship" that is gaining speed. (Bloomberg News)